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The district board unanimously approved a second amendment replacing the developer’s financial guarantor and indemnitor with Brookfield Communities US Holdings LLC and North America Sekisui House, LLC. The vote was 7-0, and district staff said the change presents the community with the same level of risk as the previous agreement.
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The amendment changes which corporate entities guarantee and cover certain financial obligations under the district’s development agreement. Counsel said the new entities have sufficient resources, and district staff said their financial condition is checked regularly. No financial concern was identified during the meeting.
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